Overview

• The auction raised $21.9 million from bids on four of the eight available lease areas, with Avangrid and Invenergy emerging as the primary winners.
• This sale marks the first commercial auction for floating offshore wind in the Atlantic, a crucial step in expanding offshore wind energy in the U.S.
• The auction's modest outcome reflects ongoing industry struggles, including high costs, supply chain issues, and a recent construction accident.
• Despite the sale's limited success, the leased areas have the potential to power over 2.3 million homes, contributing to the Biden administration's clean energy goals.
• The auction results come amid political uncertainty, with former President Trump pledging to halt offshore wind projects if elected.